Tower Research Capital LLC TRC Buys 33,606 Shares of Corning Incorporated (NYSE:GLW)

Tower Research Capital LLC TRC lifted its stake in shares of Corning Incorporated (NYSE:GLW) by 161.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 54,444 shares of the electronics maker’s stock after buying an additional 33,606 shares during the period. Tower Research Capital LLC TRC’s holdings in Corning were worth $2,587,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its holdings in Corning by 0.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock worth $3,139,000 after purchasing an additional 204 shares in the last quarter. Principal Securities Inc. increased its stake in shares of Corning by 3.5% in the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after buying an additional 211 shares during the period. Bogart Wealth LLC raised its holdings in Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock valued at $67,000 after buying an additional 219 shares during the last quarter. Buffington Mohr McNeal boosted its position in Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock worth $497,000 after buying an additional 220 shares during the period. Finally, Allworth Financial LP grew its holdings in Corning by 1.1% during the 4th quarter. Allworth Financial LP now owns 19,581 shares of the electronics maker’s stock worth $930,000 after acquiring an additional 220 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Down 1.8 %

Shares of NYSE:GLW opened at $40.77 on Tuesday. The firm has a market cap of $34.93 billion, a P/E ratio of 70.29, a PEG ratio of 1.50 and a beta of 1.03. Corning Incorporated has a 52-week low of $31.20 and a 52-week high of $55.33. The business’s 50 day simple moving average is $46.19 and its two-hundred day simple moving average is $47.66. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, research analysts forecast that Corning Incorporated will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 2.75%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on GLW shares. Barclays dropped their price target on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Bank of America raised their target price on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Mizuho set a $52.00 price target on Corning in a research report on Tuesday, April 15th. Citigroup lowered their price objective on Corning from $58.00 to $50.00 and set a “buy” rating for the company in a research report on Monday, April 14th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.31.

Insider Transactions at Corning

In other news, COO Eric S. Musser sold 30,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This represents a 16.40 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. Company insiders own 0.40% of the company’s stock.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.